Ganesh Sahathevan

This was sent me with the following note: Someone found this in the library at Ohio University. It is in a program booklet of KGMMB (Kesatuan Guru-Guru Melayu Malaysia Barat)'s AGM 1968, and this advertisement appeared on p.2, side by side with the message from the then Deputy Prime Minister. How different it was in those days.

In all of the reporting and fashion magazine like chatter about the AirAsia-MAS share swap there seems to have been a willful ignorance of one facet of the deal: That Tony Fernandes, CEO, major shareholder and founder of AirAsia, has sold 10% of his 26% shareholding in AirAsia for a stake in AirAsia's competitor , MAS. This is a sale by an insiders insider, but it seems that local and foreign media as well as a number of analysts, like jilted lovers unable to face rejection, are doing all they can to skirt around the issue, clinging to the hope that Tony still loves them and AirAsia. Fortunately for Tony these are the types who would actually believe it when told "Of course I will still respect you in the morning". According to THE STAR: Put differently Tony's investment in MAS has grown while that of Khazanah's in the LCC, to date, is unfortunately in the red. The deal's backers staunchly dismiss such short-sightedness: “We are talking about loose change he...

Prima facie, the transaction reported below is a promise by the CEO of AirAsia, Tony Fernandes, to not compete with AirAsia's rival, MAS, in exchange for him being granted 20.5% of MAS. The exchange of his AirAsia stock for that in MAS is , prima facie, recognition that as a result of his agreement, MAS will gain at AirAsia's expense. Simply put, Tony has breached his duty to as AirAsia CEO , and thus to AirAsia shareholders, for his personal gain. If Zarinah Anwar wants to even pretend that she is some sort of regulator, she needs to initiate a transparent investigation into the transaction,and provide the investing public with some sensible answers. Associated Press AirAsia, Malaysia Airlines form partnership By EILEEN NG , 08.09.11, 05:41 AM EDT KUALA LUMPUR, Malaysia -- Budget carrier AirAsia and state-owned Malaysia Airlines formed an alliance Tuesday under a share swap deal to end their long rivalry and boost business. Tune Air, the parent of AirAsia, and government inves...

If the story below is true, then it should be viewed for what it is , first and foremost a sale or a large chunk of AirAsia stock. Regardless of the spin and bleating that are sure to follow the announcement about this being a national service, in the national interest, and no doubt a great sacrifice on the part of Choirboy Tony, and regardless of how the Malaysian public who are shareholders of the company react to that spin, fact remains that some 15% of AirAsia stock is held by foreign institutions who may not see things the Malaysian way( see list at http://www.airasia.com/my/en/corporate/irmajorshareholders.html) AirAsia Parent Said to Near Malaysian Airline Share Swap; Stocks Suspended http://www.bloomberg.com/news/2011-08-08/malaysian-air-airasia-parents-said-to-near-share-swap-deal-stock-halted.html By Elffie Chew and Chong Pooi Koon - Aug 8, 2011 2:53 PM GMT+0800 AirAsia Bhd. (AIRA)’s biggest shareholder may agree to exchange a 10 percent stake in the low-cost carrier for s...

In December 2009 the Malaysian human rights group Suaram initiated an investigation under French law into alleged irregularities,including the payments of bribes,connected to the sale of submarines to the Malaysian Navy by DCNS of France(http://suaram.net/scorpene/scorpene-qa). The investigation is ongoing and the court hearings promise to be explosive and likely to cause damage to DCNS and a number of political personalities(http://www.freemalaysiatoday.com/2011/07/23/bourdon-deported-because-he-knew-too-much/). DCNS's Malaysian deals however are relatively small compared to the business that EADS and its subsidiary Airbus have been doing in Malaysia, particularly with low cost airline Air Asia Bhd.Indeed in June this year AirAsia "sealed" a record-breaking $18 billion order for 200 aircraft from EADS-Airbus. (http://www.reuters.com/article/2011/07/21/ana-idUSL3E7IL0MY20110721) The recently reported merger of AirAsia with Malaysian flag carrier Malaysian Airlines has c...

This morning, 6 August 2011, the Malaysian Insider reported: State-owned Malaysia Airlines (MAS) will swap shares with Asia’s largest budget carrier AirAsia this week in a deal that will see Tan Sri Tony Fernandes help stop the ailing flag carrier from plunging any further into red ink, said industry sources. The Malaysian Insiderunderstands that the share swap that could see Fernandes getting a 20 per cent stake in the national carrier, will allow both Malaysian carriers to rationalise their fleet, frequencies and destinations within the country and abroad while ensuring MAS returns to becoming a premier airline. “The deal is on and it should be signed Monday at the earliest,” a source told The Malaysian Insider. AirAsia’s main shareholders Tune Air Sdn Bhd, owned by Fernandes (picture) and Datuk Kamarudin Meranun, is expected to benefit most from the share swap with MAS as it hold 26.28 per cent of the budget carrier as of July 6, 2011. (http://www.themalaysianinsider.com/business/ar...